Stocks to buy: Raja Venkatraman recommends three stocks for today—27 December | Stock Market News
Source: Live Mint
Nifty 50 on 26 December: Recap
The Nifty opened on a positive note but traded sluggishly through the day, ending slightly higher at 23,750. Meanwhile, the volatility index, India VIX, surged 6.50% to 14.04, signalling heightened market instability.
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With trends remaining uncertain, market participants are actively seeking potential triggers.
Indian stock markets: Way forward
The Nifty has been struggling to overcome the 200-Day Simple Moving Average (200-DSMA) hurdle near 23,855 over the past three sessions, forming a small red candle in the process. This level remains the immediate challenge for the index. A sustained move above 23,855 could pave the way for further gains towards 24,000–24,100. On the downside, immediate support is seen at 23,500.
In the near term, the Nifty is likely to fluctuate between 23,500 and 23,850, with a breakout on either side determining the next directional move. The formation of a third consecutive doji pattern reflects low participation, which continues to cap the recovery. Options data suggests a neutral stance but offers faint signs of recovery after the index hit oversold levels. However, with the festive season keeping FIIs largely on the sidelines, patience will be key in navigating this period of reduced market activity.
Three stocks to buy, recommended by NeoTrader’s Raja Venkatraman:
• JSW Steel: Sell below ₹920 , stop ₹935, target ₹890
Metal stocks are under pressure as the demand remains subdued as selling pressure intensifies in this sector. The last few days the momentum has been generating bearish bias. With key supports around 940 broken one can consider going short in this counter.
• Indian Hotels Co. Ltd: Buy at ₹877, stop ₹889, target ₹855
Hospitality industry remains an attractive zone where participation is quite aggressive. The options data reveals that the bullish charge is looking positive again and can look at some upside from support region. As overall setup is encouraging look to buy.
• Solara Active Pharma Sciences Ltd: Buy at ₹683, stop ₹673 target ₹700
Solara has been declining since last few weeks and is now displaying some strong revival setups at from lower levels. As markets are trying to stabilise it could be a good time to consider for some upside. Look to initiate a buy in this counter.
Raja Venkatraman is co-founder, NeoTrader.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
